The Financial Technology Association (FTA) has submitted a letter in support of South Carolina Senate Bill 347, which would require clear disclosures in small business financing. Fintech companies play a critical role in expanding access to capital for small businesses, often stepping in where traditional credit options fall short.
FTA believes that transparency in commercial lending is essential for helping small business owners make informed financial decisions. SB 347 would bring much-needed clarity by aligning disclosures with how businesses assess financing, especially for short-term products. As more states adopt varying disclosure requirements, FTA supports efforts like SB 347 that move toward a uniform, model state approach. Similar laws have already been enacted in Virginia, Florida, Georgia, Missouri, Kansas, Utah, and Connecticut.
Read the full comment letter here.
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The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.